The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
GST News | Budget 2020 in GST – Highlights | Advisory for GSTR-9 and 9C Simplification | Feature Highlight – EasyWayBill | E-Invoicing
On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.
The new returns, which are supposed to be simplified, if followed in complete sense, can actually decrease the compliance processes. With real time invoice matching and monthly reconciliations, it will not only make compliance easier but would also boost tax revenues.
Ahead of GSTR3B due date, CBIC has resolved queries on provisional ITC @ 20% through Circular No. 123/42/2019-GST. Following is the list of clarifications issued...
Clearing the fog about a major misconception surrounding the E-invoice generation, it is not mandatory for a taxpayer to generate E-invoice through the government’s tax portal.
E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.
Newsletter covers 37th GST Council Meeting – Key Highlights | E-invoicing | IRIS Sapphire: Navigation Upgrade | Provisional ITC
This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.
